How to Write Off Your Car with a Turo Rental Car Company

[@gsmith7113]

Thank y'all guys for this video.I was looking for several different ways to start up a couple of companies. One of them is a car rental.I'll be looking for the next video.

[@LYFEAccounting]

Glad to hear it, Germaine! When are you thinking about getting started?

[@DeeYooo0]

Hey bro I wanna this is a great vid and very information! I was wondering if all these tax write offs apply to the car being under your personal name or LLC while renting it out through Turo. For example I recently created my first LLC and would like to start Turo rental next year, Which is more beneficIal for me to buy a vehicle through my LLC or personal name while renting it out to guest through TURO?@@LYFEAccounting

[@tnbrutha]

Thanks, yes more videos on Turo/ LLC setup. Thanks again

[@LYFEAccounting]

Thanks for sharing!

[@alisongilmoreazrealtor6543]

I just started renting on Turo in September 2021. I'm a realtor and have 2 teens so needed more cars. I now have 5, the teens drive the older cars :)

[@filllet2u]

rent the old ones to your family? kids?

[@r.e.2699]

Great morning, Lyfe Accounting family! I am actually on the cusp of starting a rental car company so, this video is right on time. Please expound upon this topic on a step by step basis. It will be greatly appreciated. Much kudos to all of you for the valuable infocation that has been provided this far 👍

[@LYFEAccounting]

Thank you for sharing! This is noted and we’ll see how well this video does

[@ro5245]

I've been waiting on someone to do a tax video on Turo. Thank you !

[@LYFEAccounting]

More to come!

[@119Otis]

Yes!! Me too!! I have been looking for this video! Thank you 🙏

[@brookaburns]

I'd love to hear more about LLC vs sole prop and multimember LLC vs single member LLC

[@LYFEAccounting]

Great suggestions, Brook, this is noted!

[@tlong414]

Yes I’m doing my research and your advise has been invaluable. Please keep them coming to my subscription feed 😃

[@spencergoehl3685]

Awesome video! I’m going to have two houses and two cars in Oregon and Indiana and wool be renting out when I’m not using, definitely interested in more content on starting Turo

[@AndreTheCarGuy_12]

I would love to see you guys step by step breakdown. I have started with one car and am 100% looking to incorporate and operate a small rental company out of the dealership I work at. Any info a tax pro can provide would greatly appreciated!

[@Akeeleez5]

Very helpful! Setting things up for my Turo company now! Would love a step by step video

[@miketaylor5503]

I’m ready to start now! I have the dealers license already and ready to go. We’re waiting for the video. Letssss goooo!!!💯

[@LYFEAccounting]

Nice!! You got this! What car(s) are you starting with?

[@jtreed5716]

I really appreciate every video y’all make. I will be very appreciative if you can do a complete video on car rentals. I’m correctly with turo and I started with one car. And that car basically bought the other one I just bought. I’m looking forward to making this a big thing in my town. I will be reaching out to you guys after my vacation this month. I will definitely pay for y’all service 💪🏽🏆

[@joseacevedo3113]

Awesome video. I’m definitely looking forward for the step by step video. As I am looking to open a rental car company to put on the TURO platform and create some additional income. Also, I love the fact that you don’t just tell your audience what steps to follow in your videos. You also give examples of what your explaining to clarify and confusions one might have. Again, thank you for sharing your wisdom and knowledge with us. Looking forward for the TURO step by step video.

[@dc2amaury]

please make the step by step video that would be awesome, thank you for all the great content you guys have been extremely helpful to me in the last year.

[@efrainmaradiaga922]

I am thinking about starting a turo business. i will look forward to your step by step video.

[@chantiabroderick2227]

Great tips and Great vid. Starting in the next few weeks! Waiting on my business license paperwork, EIN and then I can purchased under my business name and get going. Excited!

[@LYFEAccounting]

You can do it!

[@ttfrhoncho6716]

You can definitely, do entirely contactless dropoffs. People on the main Turo Channels definitely don't talk enough about tax implications of Turo. I track everything that can be a writeoff monthly and all mileage that matters from a tax perspective, and the percentage of miles used in Turo.

[@prakharpanwaria]

Are %age of miles driven by Turo guests considered as 'business miles'? Can I use these guest-driven miles with the actual expenses method to file taxes?

[@mariatsaltas8832]

Yes I'm really interested in setting up a Turo company

[@FishAdvisor]

Subbed! Great info and no hype! Keep em flowing!

[@alwaysTTG]

Great video man. Really helped me understand what I was getting myself into with Turo.

[@jamisha6858]

I planning on starting a rental business thank you for this video and please provided more content

[@raylanadamsdiscoverychanne2816]

Please do the video how to set up the Turo rental car business....Please. I loved this video. What a GREAT job on explaining how to do tax deductions for this business.

[@steelgirl6566]

Turo offers the insurance for the guest while they are renting the vehicle. However, delivery charges does offer more income. So my question is how do we write off these expenses. It's our personal insurance because we are driving the car during these times and the gas used to deliver and return to the fleet location. Do we track miles driven or what is the suggested process for this? These trips to an airport or train station, or port is all business. As well as returning it to the garage for cleaning especially sanitizing before the next guest use. Yes, I have a car listed with Turo for about 2 months now. More tax tips would be helpful.

[@matthewneuenswander8926]

Agree with most of this. The insurance during the trip is generally covered by Turo (for a commission/fee of course) so your personal car insurance wouldn't be included. Keep in mind that if you sell the car, the depreciation could be treated as income.

[@rashimajackson9022]

Great start off info! I Would like to know more step by step videos. Thank You for this..

[@smuhammad252]

I’m interested in starting a rental car company. I look forward to the next video on how to set everything up.

[@LYFEAccounting]

Noted! Thanks for sharing this with me

[@roz1052]

Thank you for the video. Didnt know depreciation was deductible, if so this could turn buying more valuable vehicles into a major offset.

[@carlosbuendia6580]

Great information. Will love to have tips about incorporating or not

[@carlafrancis-taylor]

Started and had my first two rentals this weekend. This video was extremely helpful. Thank you.

[@robertweger4377]

My wife and I planning to start with turo pretty soon. Just would like to know how your first experience renting went.

[@carlafrancis-taylor]

@@robertweger4377 My first two experiences happened over the Thanksgiving holiday and it went really well. The two vehicles came back in great shape. The third experience not so much. The client smoked something in the vehicle and the smell stayed for over two weeks. So I unlisted that vehicle for a couple of weeks. I read the information regarding smoking and realized there had to be proof of smoking or the guest had to admit they smoked in the vehicle, so I did not get compensated. Other than that, when I relisted the vehicle again, the next guest was great and the car came back in good condition. Overall, I'm still learning after 4 or 5 trips so far. Hope that helps. Like I said, I'm very new and the guest were very appreciative of the services offered. Good luck to you two!

[@robertweger4377]

@@carlafrancis-taylor thank you. That does help. I guess it doesn't matter what you do or say, those kind of clients will always exist. Thank you again and good luck the rest of the way.

[@chieflyfootball5389]

Thank you for making this video. I just barely started and recently established a multimember LLC

[@aacosta96]

Great information! I liked and subscribed. Step-by-step please!

[@LYFEAccounting]

Noted! & Welcome to LYFE!

[@detodoyparatodospodcast]

Turo cant be 100% passive cause you still have to check the car before and after the rental clean it, so you still have spend some time in the job.

[@LYFEAccounting]

If your fleet is big enough, you can hire a fleet manager to do this, right?

[@Reverend-Race-Horsey]

GetAround & HyreCar are more passive.

[@jacobojeah4316]

You guys are great. Your services would go a long way to encourage young and new entrepreneurs. I'm planning a turo rental car company. Kindly, do a video for starting turo company for newbies. Thanks

[@juliendupont5138]

Solid info, very professional. Thanks!

[@roydavidson8902]

good video, would like to see a turo start up tutorial

[@todompoll]

Great channel. Awesome content. Looking to start building a rental fleet for the Boston area, and always thought creating an LLC to start is the way to go. Would love such a video to help understand how to do it. Hope you still considering. Many thanks!

[@LYFEAccounting]

Noted! Thanks for commenting, Scott!

[@Ophelialoki]

How’s it going?

[@daeshavvn]

Thank you bro, may need your accounting one day too!

[@Mamaafrica_]

I would love to get started in the Turo Business!

[@LYFEAccounting]

Noted! When are you thinking about starting?

[@gsmith7113]

Well I'm taking this entrepreneurial business start-up course. So I'm looking about 2 or 3 months from now.Im looking to raise about 50,000 to start.

[@jerrysieve]

I just started renting my extra car with Turo. I would like to know the steps to get started. Thanks for the video.

[@tdavis1781]

Yes I’m thinking about opening

[@davidnash6130]

I found this video very informative I would like to see you make a video about how to start a Turo business.

[@tywainwillis4888]

Great Video.. Yes We Want More Turo Info... That Was Awsome. We Want More Info On Starting Our On Rental Car Companies..

[@LYFEAccounting]

You got it! Thanks for watching.

[@SinkoMUSIC]

Great content we want that step by step video

[@88unforgivable]

I'm thinking about this and I'm wondering if I can hire a CPA from your company? Great content brother.

[@donnabelitz3105]

Wow, you are so smart, awesome video!! You read my mind, just video wanted to see.

[@LYFEAccounting]

Thanks so much Donna! Glad it was helpful

[@robertthomas8556]

I want to start a Turo rental business. Since this video is over 3 years old, how about any updates you may have since filming this video. Obviously we are now in 2024 and I’m sure some things have changed in that time. Thanks 🙏🏾

[@littleladyproperties1874]

This is very helpful. Yes. Starting tonight!

[@LYFEAccounting]

You got this! What car are you starting with?

[@MrGlexin]

good information will it still be considered even if you only have 1 car ? to start thanks

[@UnwanaUdoh]

Thank you for sharing this information 👍

[@LYFEAccounting]

Thank you for watching!

[@annieartist1101]

I am would like a step by step video. I'm a photography who primary works on the weekend, carrying equipment. I plan on purchasing (maybe leasing because I've learned you can write off 100%) a suv in my business name, and renting it on Turo during the week. I have a personal car that is already paid off so I won't need the suv during the week. I would love a step by step video. From this video I learned that you have to make sure per your lease agreement you can rent the car out, so thank you. I'm open to advise. I signed up to be put on your waitlist as a client. My current cpa is overly reactive, I need a beast in the game that will plan the year with me.

[@semajondabeat]

Yes looking to start

[@iwmtsvm]

Yes. I’m starting a single member LLC with all paid off 1 car. I want to know more about how go go about insurance. Thanks you!

[@LYFEAccounting]

What specific question might you have about insurance?

[@blurry599]

I say if you only have one vehicle stick with Turo insurance and pick which plan out of the 3 is best for you ( 60, 70, 85) maybe later on with more fleet you can get insurance for your LLC

[@emeraldgeorge8523]

I am very interested in starting a Turo LLC company. Would love to see a video on that topic.

[@LYFEAccounting]

Coming soon!

[@kenwhitfield219]

I am starting a Turo business in Honolulu area specializing in EV cars and trucks. Starting with Teslas and Ford EV trucks when the become available.

[@JorgeInTheTube]

Hey great video. Did you guys create the step by step video for Turo? Do i call my car a fleet car or simply rental car for tax purposes? Oh and can i use section 179 for my 100% turo car? Lastly, if i gift the car in less than 5yrs of use, will i be safe from my previous bonus depreciation use? Thanks for your help!

[@averydace7375]

Super informative and helpful! If I've already started renting my vehicle on Turo but don't have LLC set up is it possible to retrograde any of the mentioned write-offs and to register my car under the LLC? I've been renting for a little over a month now and want to make sure I'm setting myself up for long-term success on this app. Hopefully that question makes sense lol

[@sosyalant]

Did you find an answer?

[@grindinforgreatness2987]

step by step please! what entity should we choose for these tax advantages

[@LYFEAccounting]

That differs for everyone, but any entity can take the write-offs mentioned. We have a ton of videos on the channel that go deep into entity selection - Check them out.

[@kalhx3]

great video and a lot of information !

[@wavygoods877]

I’m in my 20’s and have been contemplating this for a year now. I live in AZ and ordered the Tesla Cyber truck (I have no emotional connection to the car) and hope to do all this with my first business 🤗 The truck weighs 6,500lbs my question to you is: can I do a bonus depreciation on it?

[@lisariojas3599]

Great information, Thank you.

[@thisandthatfloridausa6112]

Good informative video, thank you. God bless you.👍✌❤

[@JTCoinRings]

Very good breakdown

[@LYFEAccounting]

Thanks, JT!

[@reynaldosebastian3043]

Thanks . How about mileage ?

[@JP-wn4jn]

🗣Crushing this content!! Keep going🤜🏽🤛🏽🍻

[@LYFEAccounting]

Thanks! Will do!

[@KT-kr9uh]

Maybe I missed it, but the absolute best tax deduction is depreciation. How could he miss that? Or did I?

[@jonathanwilliams513]

You missed it.

[@shortafewbolts]

Pay attention man.

[@danmartens8855]

LOVE that shirt!

[@kukurei]

Can I write off Uber/Lyft expense? - Example - When I drop off with the Car to be rented and I uber back home?(or Vice versa on pick up)

[@JP-wn4jn]

This is Awesome! Can you create a video series for setting up these businesses: 1. Food Truck or Ghost Kitchen businesses 2. Traditional Artist or Digital/ NFT Artist 🎨. Do artist need to setup corporate entities or LLC's to hold NFT art? How to write-off royalty fees? Are non-fungible tokens taxable? Tax planning for transactions. Tax considerations for Artist/ creator. How NFT's are taxed? Explain Intellectual property governance. Explain Asset protection strategies for the artist and investor. Educate what Compliance with SEC, FinCen, and state law concerning virtual currency means for the artist and investor.

[@LYFEAccounting]

Very good video suggestions, definitely will add to my log of ideas, thank you so much

[@willcanbe]

I WOULD LIKE TO START A TURO RENT A CAR COMPANY I HAVE A 2020 CHEVROLET EQUINOX LT AWD HOW WOULD I GET STARTED THANK YOU VERY MUCH KEEP UP THE GOOD WORK!!!!!!!

[@jamisha6858]

I would like to see your step by step video

[@cornelldaniel]

Is it possible to use the standard mileage deduction instead of the itemized deductions?

[@virgoqueen148]

For Turo should I lease or own it to maximize my loan return pls

[@coled2750]

insurance is paid for by turo/the renter, unless you have business insurance on your car and you use the Turo 90 Plan

[@prakharpanwaria]

Are the miles driven by Turo guests considered as 'business miles' against which other expenses can be written off?

[@corman1151]

If I buy a car with cash, to be 100% used for Turo business, can I write off the entire cost of the car as a business expense?

[@Jack-dy5wp]

Hey, can you please answer this question, I recently opened my LLC, but my cars are financed and registered on my name? Can I still run it as rental company or need to transfer my cars to Llc? Please advise

[@jaylenlenear3944]

me my brother and best friend are planning to go into a turo biz next year.

[@reyvazquez5522]

Just bought my first car to rent on Turo. This video was very helpful since I did not know I could write off the insurance of the car. Can I write off a portion of my house if I use it as a pick up location?

[@joelperez5455]

😂😂😂

[@sosyalant]

I didn’t create an llc- can i write off what I paid for the car that i solely purchased for turo as an investment expense?

[@jefflaverdiere5009]

Also if you have as you suggest a fleet manager how are we paying them and what is the process for claiming the money that you give it to them. Can we treat them as a 1099 soul proprietor? I know bookkeeping is important but how do we actually capture the tax liability from this expense to pay a Fleet manager do we send them a 1099 or is it a flat expense. How do we avoid treating them as an employee with taxes taken out of their pay? I’m a novice but very interested and motivated as my business is gone beyond my ability to manage it efficiently

[@rasheedahcanty9835]

Good information

[@WildflowerBouquets-e1w]

Hi! When you say "write-off", do you mean dollar for dollar or just a percentage? Thanks!!

[@LYFEAccounting]

Percentage

[@ochicoloto3524]

How does milage put on the car by rentals deducted during taxes

[@bernardotumun4512]

If you rent your personal car on Hyrecar and you don't have a registered LLC or Sole proprietorship and you use your home as your place of operation. Can you still write off your expenses like Maintenance, Operation cost, Home office cost etc. from your taxes? Especially, if you have another 9 to 5 remote job. Also, will this be done on the form C after receiving your 1099 from Hyrecar?

[@christopherkarl6495]

Hey, got a question about if the vehicle is over 6000 lb. Can you write off the total amount if you’re using it for a rental?

[@fraudro1727]

I would love the help to start my rental company

[@501soap]

Can we deduct more than the earning?

[@mackvelle7494]

Why does nobody list in the write off's the ACTUAL PURCHASE of the car? Nobody is talking about that, but I assume that if you spend 30k on buying the car you can write the purchase price off?

[@dejuansutton7181]

So I’ll get paid that first year of depreciating it that first year?

[@88unforgivable]

How can we find a great CPA that ensures we're getting all these great benefits?

[@AmmerSlammer]

I have a multi member LLC, can I purchase a Tesla Model 3 for $60,000 and write of the entire car on my taxes? I will only use the car for renting it on Turo. Zero personal use. Will a section 179 deduction apply to this?

[@vicesitylane1852]

Peace King I’ve been doing Turo in Jersey for about 10 months. I have 12 cars. This is my first tax year do you think I should do it myself or hire a professional? I pretty smart. I’ve looked into “book keeping “ some of those people want $700 a month which I think is crazy. Do you feel a professional is needed? I have my LLC business account linked to turo but the cars are in my personal. Also will I still get the vehicle write offs even if they are in my personal name? Thank you

[@lifeinvader9032]

Is this only for LLC or everyone?

[@michaeltehan1]

Your insurance is covered through the app. Off rent insurance only covers the car off rent.

[@rubenmorales1253]

Bro what about the biggest expense, the car note itself !??

[@hanj31]

Turo's own insurance covers the car while its being rented out.

[@itsme339]

I am. How do I set up rental car company?

[@danieldosanjos8126]

Can you written off interest on a car loan that is being used for turo?

[@nparmstrongcommish5761]

So miles cant be written off?

[@Fralichbranch]

I live on 7 acres and my yard is my car lot. How do I write that off?